The Greedy Trader Weekly Analysis
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Major Integrated Oil/Gas Industry Technical Analysis

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- 12/6/2019 -
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ConocoPhillips (COP)

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Summary:
Weekly :Oversold sectorBroken trend resistance lineTrend support at 59.16
Daily :Lane's Stochastic and MACD bearish divergenceThe price touches the upper Bollinger Band
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It was a third consecutive positive week for the ConocoPhillips (COP). During the week, the COP gained 2.03 points, or 3.39%, and closed at 61.97 on Friday, December 6, 2019. It was the best weekly gain since October 25, 2019. Weekly volume was -23% below average.

COP is a member of Basic Materials Sector. Basic Materials is the second most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See COP long-term trend chart]
A long-term uptrend had started on February 11, 2016 at 31.05 and reached 80.24 on October 1, 2018. COP gained -49.19 points, or -158.42%, in 137 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The price is near the trend support (59.16) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a long-term trend.

Medium-term trend: [See COP medium-term trend chart]
A medium-term downtrend had started on October 1, 2018 at 80.24 and reached 50.13 on August 23, 2019. COP lost 30.11 points, or 37.52%, in 46 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (47.22) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a medium-term trend.

Weekly Technical Indicators: [See COP weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is above its signal line since September 13, 2019. Use the following link to access a MACD help.

Short-term trend: [See COP short-term trend chart]
A short-term uptrend had started on October 3, 2019 at 52.30 and reached 62.13 on December 6, 2019. COP gained -9.83 points, or -18.80%, in 64 days. The chart has formed a Rising Channel chart pattern. The trend support level is at 58.49 and resistance is at 62.48. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a short-term trend.

Daily Technical Indicators: [See COP daily technical indicators chart]
Daily technical indicators are neutral. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.

The daily MACD line is above its signal line since November 19, 2019. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

The price touches the upper Bollinger Band. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 62.69
Williams' Percentage Range (W%R) 31.20
Lane's Stochastic (%D-Slow) 67.28
Bearish
Greed/Fear Indicator (GFI) 66.25
Moving Average Converg./Diverg. (MACD) 0.87 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 65.68
Williams' Percentage Range (W%R) 22.20
Lane's Stochastic (%D-Slow) 69.69
Greed/Fear Indicator (GFI) 67.46
Moving Average Converg./Diverg. (MACD) -1.45
Trading Signals
Description Value Chart
Weekly Trendline Resistance 62.48
Upper Bollinger Band 62.09
Price 61.97
Daily Stochastic Crossing 60.87
Weekly Stochastic Crossing 59.92
20 Day Moving Average 59.29
Parabolic System 59.18
Yearly Trendline Support 59.16
Weekly Trendline Support 58.49
50 Day Moving Average 57.24
Lower Bollinger Band 56.59
Quarterly Trendline Resistance 52.17
Sector and Industry
Description Name Rank
Sector Basic Materials 2
Industry Major Integrated Oil/Gas 44
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 56.30
Low Date 11/19/2019
High 62.13
High Date 12/06/2019
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 62.48
Support 58.49
Low 52.30
Low Date 10/03/2019
High 62.13
High Date 12/06/2019
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 50.13
Low Date 08/23/2019
High 63.22
High Date 09/17/2019
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Wedge
Status Broken Resistance
Resistance 52.17
Support 47.22
High 80.24
High Date 10/01/2018
Low 50.13
Low Date 08/23/2019
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Test Support
Resistance 98.09
Support 59.16
Low 31.05
Low Date 02/11/2016
High 80.24
High Date 10/01/2018
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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